Cryptocurrencies correlations

Knowledge of the correlation coefficient between assets gives a wide spectrum of advantages.
Modern portfolio theory allows you to create and optimise a portfolio with uncorrelated assets.
Negative correlation provides a possibility to hedge positions.

How to identify digital asset correlations

Correlation chart

The tool can help to understand the correlation coefficient changes in time.
Choosing the assets and the time frame you are interested in, brings the chart with the token rates and the correlation changes.

Correlation matrix

The tool helps to preselect crypto assets for the cryptocurrencies portfolio.
Select the assets you want to be compared with to see the correlation strengths between all of them.

Correlations with a coin or token

There is also the way to find the relation in returns from the particular crypto asset.

Or choose the asset from the list:

Stocks, precious metals and cryptocurrencies

Basing on past returns, crypto assets have not revealed any signs of correlation with stock indexes and metals in the long run.
The matrix of correlations between different asset classes confirms the thesis.

BTC ETH XRP GLD SLV ^DJI ^GSPC ^IXIC DX-Y.NYB
BTC 1.00 0.49 0.20 0.01 0.00 0.06 0.06 0.05 -0.01
ETH 0.49 1.00 0.23 0.08 0.07 0.11 0.11 0.11 0.01
XRP 0.20 0.23 1.00 0.06 0.05 0.07 0.07 0.07 -0.04
GLD 0.01 0.08 0.06 1.00 0.80 0.02 0.04 0.02 -0.41
SLV 0.00 0.07 0.05 0.80 1.00 0.19 0.21 0.19 -0.42
^DJI 0.06 0.11 0.07 0.02 0.19 1.00 0.97 0.78 0.01
^GSPC 0.06 0.11 0.07 0.04 0.21 0.97 1.00 0.85 -0.02
^IXIC 0.05 0.11 0.07 0.02 0.19 0.78 0.85 1.00 -0.00
DX-Y.NYB -0.01 0.01 -0.04 -0.41 -0.42 0.01 -0.02 -0.00 1.00

However the relation has changed since 12/03/2020 crash.
It is visible when looking at the chart comparing BTC and S&P 500 Index from the Black Thursday.



High market capitalisation cryptocurrencies correlations

BTC ETH XRP BCH BNB LINK LTC BSV ADA EOS TRX XTZ OKB XLM XMR
BTC 1.00 0.49 0.20 0.55 0.40 0.42 0.27 0.45 0.72 0.52 0.47 0.34 0.57 0.42 0.69
ETH 0.49 1.00 0.23 0.62 0.41 0.50 0.45 0.48 0.78 0.59 0.49 0.35 0.61 0.42 0.73
XRP 0.20 0.23 1.00 0.45 0.36 0.39 0.26 0.43 0.76 0.47 0.46 0.27 0.55 0.56 0.57
BCH 0.55 0.62 0.45 1.00 0.33 0.35 0.57 0.54 0.69 0.55 0.37 0.23 0.52 0.40 0.57
BNB 0.40 0.41 0.36 0.33 1.00 0.31 0.40 0.23 0.40 0.40 0.33 0.28 0.38 0.36 0.39
LINK 0.42 0.50 0.39 0.35 0.31 1.00 0.38 0.27 0.50 0.43 0.35 0.28 0.38 0.41 0.43
LTC 0.27 0.45 0.26 0.57 0.40 0.38 1.00 0.49 0.74 0.53 0.44 0.31 0.58 0.43 0.66
BSV 0.45 0.48 0.43 0.54 0.23 0.27 0.49 1.00 0.39 0.50 0.38 0.26 0.33 0.38 0.40
ADA 0.72 0.78 0.76 0.69 0.40 0.50 0.74 0.39 1.00 0.72 0.59 0.43 0.53 0.78 0.72
EOS 0.52 0.59 0.47 0.55 0.40 0.43 0.53 0.50 0.72 1.00 0.47 0.25 0.56 0.43 0.49
TRX 0.47 0.49 0.46 0.37 0.33 0.35 0.44 0.38 0.59 0.47 1.00 0.28 0.53 0.41 0.43
XTZ 0.34 0.35 0.27 0.23 0.28 0.28 0.31 0.26 0.43 0.25 0.28 1.00 0.34 0.31 0.31
OKB 0.57 0.61 0.55 0.52 0.38 0.38 0.58 0.33 0.53 0.56 0.53 0.34 1.00 0.52 0.58
XLM 0.42 0.42 0.56 0.40 0.36 0.41 0.43 0.38 0.78 0.43 0.41 0.31 0.52 1.00 0.59
XMR 0.69 0.73 0.57 0.57 0.39 0.43 0.66 0.40 0.72 0.49 0.43 0.31 0.58 0.59 1.00

negatively correlated and uncorrelated altcoins (measured in BTC)

token1 token2 correlation days
BCH PAXG -0.20 324
MKR PAXG -0.18 324
PAXG SNT -0.18 324
BEAM PAXG -0.18 324
ETH PAXG -0.18 324
PAXG QTUM -0.15 324
EOS PAXG -0.15 324
ADA PAXG -0.14 324
ONT PAXG -0.13 324
IOST PAXG -0.11 324
BSV PAXG -0.11 324
KNC NEO -0.11 1472
PAXG VET -0.11 324
OMG XTZ -0.11 1182
FTT XTZ -0.10 645

The strongest crypto assets correlations (measured in BTC)

token1 token2 correlation days
HT OKB 0.64 861
NEO ONT 0.55 917
ADA SNT 0.55 1083
BTM ONT 0.52 917
XMR ZEC 0.50 1182
IOST ONT 0.49 917
DASH XMR 0.47 1182
ADA XLM 0.47 1083
BEAM GRIN 0.47 477
IOST ZIL 0.46 962
ADA XRP 0.46 1083
MIOTA ZIL 0.45 962
ETH XMR 0.45 1182
SNT XLM 0.44 1178
ADA ZIL 0.44 962